Gunners boss Mikel Arteta is looking to rebuild his squad this summer after the club missed out on European football for the first time in 25 years.
Hector Bellerin, Bernd Leno and Lucas Torreira are all believed to be available for transfers as part of Arteta’s summer clearout.
Forward Alexandre Lacazette, who finished top scorer with 17 goals last term, is another name set to depart.
This latest report states that means they will have to sell at least one of their existing players before making a move for Silva – and the £200,000-a-week Lacazette appears to be that choice.
Silva was quizzed on his future earlier this year, saying: “Everybody has his goals and his dreams.
“I am like this, I put hard work in every day to achieve my goals.”
Both Juventus and Atletico Madrid have been linked with the Frenchman over the past few months.
Now The Transfer Window Podcast claims that the 25-year-old striker Silva is being lined-up as a potential replacement.
The star is currently on international duty with Portugal at Euro 2020 and is valued at £34million by his Bundesliga employers.
Silva scored 28 goals in the German top-flight last season, more than Dortmund’s in-demand Erling Haaland, to leave him second to Robert Lewandowski in the golden boot race.
He joined Frankfurt permanently a year ago from Milan following an impressive loan spell in Germany.
Now Arsenal want his signature and have been informed they will need to fork out £34m to bring him to the Emirates.